No one expects to be laid off or see their pay reduced from their employer. Unfortunately, these events can and do occur during these economic times. If this happens to you, what should you do? The first thing is to realize that most creditors are willing to work with you on your debts. North Alabama Educators Credit Union is certainly here to offer assistance to our members who have suffered income losses or reductions. Assistance can include payment deferrals, interest rate reductions, and lower payments. The key is contacting us and letting us know about how your individual situation has changed. We will want to document any income losses or reductions that you may have experienced. Members should not be afraid or embarrassed to discuss their income loss. Keep in mind that we are here to help. We are a financial cooperative with a primary objective of helping our member-owners to improve their financial situations.
Losing a job or realizing a pay cut is traumatic enough. The stress of credit union loan obligations can be minimized. Impacted members are encouraged to allow us the opportunity to help. Members can contact either Carolyn Henshaw or myself at 256-534-2423.